I need assistance with a power point presentaittion. It should be 15 page PP to include speaker notes/reference
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IV. Competitive Advantages
What competitive advantages does Riordan have, and which competitive strategies should Riordan utilize to improve innovation and sustainability in both domestic and international applications?
V. Measurement Guidelines
What measurement guidelines should be used to verify strategy effectiveness?
VI. Internal Dynamics
What internal dynamics along with cultural and structural leadership considerations should be used in implementing business strategy for Riordan?
Anderson, C. (2015). The Advantages of Employee Involvement in Decision Making. Retrieved from http://smallbusiness.chron.com/advantages-employee-involvement-decision-making-18264.html
Darcy, H. & Marsha, W. (2005). The business guide to sustainability: Practical strategies and tools for organizations. UK: TJ International
Isobel, D. & Robin, L. (2008). International marketing strategy: Analyzing, development and implementation. London: Cengage learning
Mary, C. (2011). The sustainable global market place: Proceedings of the 2011 academy of marketing science conference. USA: Springer
Rita, G. (2013). The end of competitive advantage: How to keep your strategy moving as fast as your business. USA. Harvard business review press
University of Phoenix. (2011). Virtual Organizations [Multimedia]. Retrieved from University of Phoenix, MGT/498 website.
Competitive Advantages Paper
Riordan Manufacturing is an industry leader in global plastics manufacturing (University of Phoenix, 2011). This paper will discuss the competitive advantages of Riordan, with the similarities of the competitive advantages of that of Android, and Apple. It will also discuss strategies for improving Riordan’s innovation and sustainability, the long-term effect of these strategies, and the effect global markets will have on Riordan’s business strategies.
Comparing Competitive Advantages
Riordan Company has similar competitive advantages to Android and Apple. Some similarities between Riordan and the two mobile phone companies includes the companies’ efficient customer service department and their handling of customer raised issues, and the organization’s updated database that allows consistent flow of communication between the customers and the company. This also gives the company prospects for higher volumes and future sales (Rita, 2013). They have a strong, well-motivated sales team and provide discount incentives for the customers buying huge volumes. Their products are found in many outlets and produced in masses to generate high profits.
Strategies to Improve Innovation and Sustainability
Riordan should allow its employees to contribute their ideas in the strategic planning process, and work toward understanding the competitors’ tactics in the market, and come up with a clearly defined plan on the trends and customs of the global market (Darcy & Marsha, 2005). Riordan should understand all the areas of their operations, guide the employees on how to achieve set goals and objectives, prepare a clear plan of how to connect plans, teams and know how to align their strategy with their organizational culture, and have a solid leadership structure in place.
Riordan should diversify its products to open up new markets, offer products and services that are relevant to the market, introduce loyalty reward programs, increase its knowledge on the global market to exploit any opportunities presented, strengthen its brand name in the global market, and explore and implement environmentally friendly products. By embracing these strategies, the company will do well both in the United States and in the global market (Darcy & Marsha, 2005).
Effect on Long-Term Organizational Performance
By allowing Riordan employees the ability to contribute in the decision making process, the employees will feel appreciated and hence feel motivated to work hard for the company, resulting in increased productivity from the employees and increased profits for the company (Anderson, 2015). Having the knowledge of the competitors will help the company adapt policies that will help it to be more competitive in the market; having a clear plan on the trends in the global market will help the company come up with product that will be attractive and competitive in the global market, enabling it remain competitive globally (Darcy & Marsha, 2005).
Riordan must know the full capabilities of its human resources in order to maximize production by placing the right people for the job, this will aid in the reduction of production cost. Management must train their employees in goal setting; setting small achievable goals will keep the company competitive and will enable the company to meet its long-term organizational goals and objectives.
Planning, coordination, and collaboration in every team element will provide a clear path for Riordan and the achieving of its goals. It is important that Riordan have competent management, where their goals align with the organization in order to implement the strategy and ensure greater levels of success. Leadership, accountability, and a set chain of command is vital to the management structure. Putting into practice the free flow of information from one department to another will improve the coordination of the various departments within the organization and further its performance without disruption.
Loyalty rewards for customer will help the company attract and retain more customers, which will translate in more sales. Designing and diversifying its products to meet the customer appeal may increase sales and profits, providing environmental friendly products will attract capital from investors and communities who like collaborating with companies that protect the environment.
Effects of Global Market
As the competition increases overtime due to new entrants in the industry, the strategy will have to change to adapt to the situation. In this situation, Riordan will have to differentiate or specialize their products in order to set themselves apart from the competition (Mary, 2011). The pricing of the product will be affected as global markets sets the standards of the labor, fuel and material hence affecting the operational cost. Riordan may also face the challenge of similar products with less price in the market, the market may set high quality standard for Riordan depending on superiority and comparability of the products in the market.
Trading in the global market creates the need for a change in Riordan’s production and distribution strategy for meeting the demands of a larger market. Diversifying the management structure in order to accommodate new branches in the global market creates new opportunities, as Riordan will have to hire staff from different ethnic backgrounds for it to be in a position to deal well with the diversity in the global market (Isobel & Robin, 2008). The company can take advantage of low cost resources in the global markets they operate. Riordan will have access to developments in the global market, as it will interact with many business partners in the global market, the company will be need to create products that will attract the expanding market for it to be competitive globally as the customers’ demands and expectations can differ in the global market than in the U.S. markets.
This paper has discussed strategies for improving Riordan’s innovation and sustainability, the long-term effect of these strategies, and the effect the global market will have on Riordan’s business strategies. In comparing the competitive advantages of Riordan with those of Apple, and Android, there are clear similarities present in each or their strategies for achieving success in their industry, attributing much of their success to their adaptive strategic business planning.